Business payment innovator, Modulr, is today announcing that it has joined Innovate Finance, the membership association for the global fintech sector, which is supported by the City of London and Broadgate.

Modulr joins the independent association’s 250+ members, ranging from the world’s leading global corporations to the most promising fintech start-ups, all working to advance the UK’s leading position in the financial services sector. In 2017 alone, the financial services sector contributed £119 billion to the UK economy or 6.5% of total economic output.

Innovate Finance operates as a not-for-profit, aiming to support the next generation of technology-led financial services innovators in the UK. It aims to champion the UK as the principal global hub for fintech and help attract greater inward investment. It also works with policymakers, regulators, investors, customers and educators to help advocate a democratic and inclusive financial services industry, while supporting the development of proportionate and effective regulation.

“With payments driving a lot of the innovation and investment in fintech, it is important for us to be members of an organisation that advances the interests of a community of companies that make such a significant contribution to the UK economy and that provide consumers and businesses with a more user-friendly and cost-effective alternative to banks,” says Myles Stephenson, CEO of Modulr.

Modulr is at the forefront of new possibilities in business payments – replacing decades-old manual processes and integrations with a simple REST API. The platform enables businesses to take payments, reconcile and pay out automatically. Businesses can create and access unlimited instant payments accounts, automate fund flows and monitor them in real time, all via the API or online portal.

"Being part of Innovate Finance means we can contribute to efforts to increase awareness generally of non-bank alternatives such as e-money and payment institutions,” added Stephenson. “This includes how these fintechs are opening up access to electronic payment schemes in the UK and Europe and leveraging the opportunities presented by PSD2 and Open Banking to provide value-added services around payment initiation and aggregating account information to make enhanced lending decisions.”